Trump's Fed bashing could backfire by stiffening rate-hike resolve

Trump ‘Not Thrilled’ With Fed Rate Hikes: ‘It Puts Us at a Disadvantage’

Trump's Fed bashing could backfire by stiffening rate-hike resolve

U.S. President Donald Trump on Thursday told CNBC that he was unhappy about the Federal Reserve's decision to hike interest rates, saying he was concerned about their potential impact on the U.S. economy and American competitiveness.

"I'm ready to go to 500", Trump said during an interview on CNBC, referring to the dollar amount of Chinese imports to the United States a year ago, $505.5 billion.

"I'm just saying the same thing that I would have said as a private citizen", Trump said.

"In China their currency is dropping like a rock and our currency is going up, and I have to tell you it puts us at a disadvantage".

Nixon pressured the new Fed chairman to keep interest rates low to help maintain lower unemployment.

The president also said the European Union is "making money easy" and China is manipulating its currency.

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US Federal Reserve Chair Jerome "Jay" Powell, who was appointed by Mr Trump earlier this year, said this week that policymakers remain committed to further, gradual increases.

United States companies may find themselves less able to compete globally as import tariffs contribute to rising input costs, forcing them to raise prices or lower their profit margins.

The latest attack by Trump comes amid escalating trade disputes between the USA and its trading partners.

He added: "As usual, not a level playing field".

The CNBC interview will air in its entirety Friday but the network released excerpts Thursday. China imports only $129.9 billion of United States goods, which leaves it little room for a tit-for-tat response.

Senior EU officials, including the European Commission's president, Jean-Claude Juncker, are set to fly to Washington, DC, next week with the aim of persuading Trump not to levy punitive tariffs on European automobiles.

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In an apparent reference to Fed rate increases, Trump tweeted: "Tightening now hurts all that we have done". Debt coming due & we are raising rates - Really?' Trump wrote.

Business media figures immediatly expressed alarm, noting that Trump was breaking presidential tradition by publicly revealing his opinion about the Federal Reserve, threatening the independence of the institution.

But falling prices and lower sales would hurt US soybean farmers, it warns, pointing out that USA prices have fallen by 18 percent from May to early July, to their lowest this year.

Presidents historically have refrained from criticizing the Fed, which is supposedly free from political interference.

In a Friday tweet the president laments rising USA interest rates, a day after he cast aside concerns about the Federal Reserve's independence to say he was unhappy with the central bank's recent actions.

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